The historical characters on our banknotes - BBC News BBC News The historical characters on our banknotes By Kevin Peachey Personal finance reporter, BBC News 2 November 2011 Read more about sharing. Close share panel We are likely to see many of their names and faces every day, but how much do we know about the historical characters on our banknotes? As of 2 November, Matthew Boulton and James Watt have joined the range of people from the past whose portraits are found on the pound. Following a long process of selection, design and manufacture, the new £50 banknote is in circulation, with the industrialist and engineer as the first dual portrait produced on a Bank of England note. In time they will replace Sir John Houblon, the first governor of the Bank of England, as the faces of the £50 note. So who can we find on our banknotes, and why have they been picked? The newcomers Anyone lucky enough to get their hands on a £50 will - on the newest notes - find the portraits of industrialist Matthew Boulton (1728-1809) and James Watt (1736-1819).

Image caption Boulton (left) and Watt were two key figures in the Industrial Revolution The former, as an entrepreneur, was key to the emergence of Birmingham as a centre for manufacturing. Meanwhile, Watt was an engineer and scientist who improved the steam engine and, encouraged by Boulton, made one for the textile and cotton spinning industry. He introduced the term "horsepower" and the metric unit of power is named after him. The reason both appear on the £50 note is that their partnership brought steam-driven machinery to the minting of coins. Boulton established the Soho Mint, to support the Royal Mint, and produced coins of the highest quality. Media captionChris Salmon is chief cashier at the Bank of England and his signature goes on the new bank note Also appearing on the £50 note - the first time he appears on any banknote - is Chris Salmon. While you will not see a portrait of him, his signature will become one of the most common and important in the country. That is because he is the chief cashier of the Bank of England, and without the signature of the person in that position on a Bank of England banknote, it is not legal.

The Bristol University graduate joined the Bank of England in 1991 and took up his current role in April. His name replaces that of previous chief cashier Andrew Bailey - whose signature still appears on most banknotes in circulation. The current crop Some of the characters whose portraits can be found on Bank of England banknotes are household names but others, even though we see their pictures so regularly are not. Image caption Social reformer Elizabeth Fry was the daughter of a banker from Norwich Take the face of the fiver - Elizabeth Fry (1780-1845). She was the third daughter of Norwich banker John Gurney, who made her name as a social reformer. Her influence on prison reform spread around the world. The portrait on the £5 note was from the time she was awarded the key to Newgate Prison in recognition of her work, especially in improving the conditions for women prisoners. Perhaps much better known is Charles Darwin (1809-1882), the British scientist who laid the foundations of the theory of evolution and transformed the way we think about the natural world.

The £10 note features HMS Beagle, the vessel on which Darwin collected a mass of specimens and notes from which he drew his most significant conclusions. Rising up the value chart, and onto the Bank of England £20 note, we can find one of the fathers of modern economics, Adam Smith (1723-1790). Image caption The picture of Adam Smith on a £20 note was adapted from this image in the National Galleries of Scotland His theory of the division of labour, outlined in An Inquiry into the Nature and Causes of the Wealth of Nations, has become fundamental for industry and commerce. Using an example of a pin factory, he explained how co-operation between workers in the factory, dividing tasks between them, raised their collective output. Until recently composer Edward Elgar featured on the £20 note, but these banknotes no longer had legal tender status after 30 June 2010. Sir John Houblon (1632-1712) features on the £50 note which will eventually be phased out as it is replaced by the Boulton and Watt version.

He was the first Governor of the Bank of England and the £50 note on which he appears was issued in 1994 - the 300th anniversary of the Bank. The design on the back of the note includes an image of Houblon's house in Threadneedle Street, on the site of the bank's present building in the City of London. Scottish and Northern Irish banknotes Three banks in Scotland and four in Northern Ireland are authorised to issue banknotes. Image caption A limited edition of one million £5 notes featuring George Best sold out in 10 days While Bank of England notes are generally accepted throughout the UK, there have been cases of some traders outside Scotland turning down the use of Scottish notes. Northern Irish banknotes are rarely seen outside Northern Ireland. What the numerous different notes have created is an opportunity for many more historical figures to appear on banknotes in the UK, and even some more contemporary personalities. Two series of Bank of Scotland banknotes, which include a £100 note, feature the portrait of Sir Walter Scott (1771-1832).

He wrote a series of public letters under the pseudonym of Malachi Malagrowther which led a campaign against currency reform and meant the pound note was retained in Scotland. On notes issued by Clydesdale Bank, there is a portrait of pharmacologist Sir Alexander Fleming, poet Robert Burns and King of the Scots Robert the Bruce. One note features Elsie Maud Inglis, who helped send 1,000 women doctors, nurses and drivers across Europe in World War I. On others, is artist Charles Rennie Mackintosh. Missionary Mary Slessor and researcher and inventor Lord Kelvin also appear. The most prominent portrait on the Royal Bank of Scotland notes is the bank's first governor Lord Ilay. In Northern Ireland, tyre inventor John Boyd Dunlop, Harry Ferguson - who was influential in the development of the tractor - Samuel Cleland Davidson, inventor of tea processing machinery, and aircraft manufacturer Sir James Martin all appear. Commemorative banknotes have appeared in Scotland and Northern Ireland. Three times Open Golf Championship winner Jack Nicklaus made it onto a £5 note. Football great George Best also appeared on a £5 note and it proved so popular that the limited edition of one million sold out in 10 days.

Those who did not make it The Bank of England publishes a list of the names of people who the public deem to be suitable for appearing on banknotes. Some of those who have been nominated, but have yet to make the grade, are David Beckham, Princess Diana and Sir Terry Wogan. Historical nominations include Jane Austen, Oscar Wilde and Admiral Lord Nelson. British Bank notes / English bank notes £50 (fifty pounds) each denomination has its own size and colour All our bank notes bear HM The Queen's head on one side and a famous historical person on the other side. Queen Elizabeth ll is the first monarch to have her portrait printed on a bank note. It was first done in 1960 as a way of helping to prevent forgeries. £5 (5 pounds) The current £5 note features Elizabeth Fry, who made her name fighting for improved living conditions for women in European jails. (Old £5 note features George Stephenson.

Ceased to be legal tender on 21 November 2003) Actual note size: 135mm x 70mm (approx.) £10 (10 pounds) The current £10 note features Charles Darwin, the Victorian naturalist who developed the theory of evolution. Also pictured is an illustration of Darwin 's own magnifying lens and the flora and fauna that he may have come across on his travels. Actual note size: 142mm x 75mm (approx.) £20 (20 pounds) The current £20 note features Sir Edward Elgar, a British composer whose orchestral works include Enigma Variations (1896) and five Pomp and Circumstance marches (1901–1930). Actual note size: 149mm x 80mm (approx.) The Bank of England issued a new-style £20 note on 13 March 2007 . The note features Adam Smith, one of the fathers of modern economics, on the back and incorporates enhanced security features. The new-style £20 notes will circulate alongside the old-style Elgar note which will be progressively withdrawn from circulation.

The date when its legal tender status ends will then be announced, as is usual practice. £50 (50 pounds) The current £50 note features Sir John Houblon, the first Governor of the Bank of England. Actual note size: 156mm x 85mm (approx.) Quid The slang term for a British Pound is Quid. One pound sterling is referred to as "A QUID", five pound sterling as "Five Quid" and ten pound sterling as "Ten Quid". Other names for a pound coin include a smacker, or smackeroon. The two Banknotes with other names are the "Fiver" (£5) or the "Tenner" (£10) . For example "It only cost me a tenner" historicle figures - Pam West British Bank Notes historicle figures HISTORICAL FIGURES ON BANK OF ENGLAND BANKNOTES by Jonathan Callaway The recent announcement by the Bank of England that they intend to introduce a new fiver in 2016 with Sir Winston Churchill on the back, replacing Elizabeth Fry, has prompted a lot of media interest in who appears on our banknotes and how these decisions are taken.

This article looks at who we have seen so far and considers who might come next. Prior to 1928 Bank of England banknotes had hardly changed since the 18th century; they all looked like the old white fiver. But 1928 saw the introduction of a green £1 note and a reddish-brown 10 shillings note to replace the UK’s Treasury issues. The white fiver, meanwhile, continued to reign supreme right up to 1956. The many higher denominations had all been withdrawn in 1944 thanks to Operation Bernhard, the massive counterfeiting operation undertaken by Nazi Germany, so until 1956 the population had to make do with just three Bank of England denominations and nothing larger than a five pound note. The white fiver was replaced by the blue ‘Lion and Key’ five pound note, a beautiful but short-lived design replaced after only ten years. It was only in 1960 that the Queen first appeared on a Bank of England note, accompanied on the reverse by a stylised image of Britannia.

Britannia, an allegorical female representation of Britain, had always appeared on Bank of England notes in a vignette based on the Bank’s seal. She had also frequently appeared on English provincial banknotes in the 19th century, usually with sword and shield and sometimes with a lion at her feet in a range of poses from the frankly militaristic to the demurely feminine. The front of the Lion and Key fiver carried a bold image of Britannia wearing a Roman helmet, an image more classical Victorian than Elizabethan. Britannia continues to appear on every note, be it as a small vignette, in the watermark or as one of the images in the hologram security device. Arguably, therefore, current Bank of England notes already have two females on them, the Queen and Britannia. In the late 1960s the Bank started thinking about further changes to its banknote designs and the view was formed that introducing historical figures on them would enhance their attractiveness while giving scope to the designers to bring in more anti-counterfeiting design features. It took until July 1970 for the Bank finally to get round to putting the first historical figure on one of its notes.

The note chosen to initiate the new series was the re-introduced £20 note in a lovely design with the Queen on the front accompanied by a delightful vignette of George and the Dragon. On the reverse we see the first in a long line of historical figures, William Shakespeare (1564-1616). It is difficult to think of a more fitting figure than our national poet and playwright to start this process but less well known is the fact that had the Bank decided not to issue a new 50 pence note to replace the old 10/- note, the honour would have gone to Sir Walter Raleigh (1552-1618), one of Shakespeare’s contemporaries but better known as an adventurer and explorer than as a writer (he wrote poetry). The 50p note was scuppered when a 50p coin was introduced instead. Shakespeare lasted 23 years on the £20 note before making way for Michael Faraday. We will now look at all those who came after him, taking them in chronological order. A summary at the end lists all these historical figures by denomination and date.

In 1971 the next figure to appear was the Arthur Wellesley, the first Duke of Wellington (1769-1852), who shared the back of the new £5 note with a depiction of one of his famous victories, the Battle of Fuentes de Onoro. He lasted 20 years on the note. The Duke was not only a famous military figure but also a former Prime Minister responsible for the passing of the Catholic Emancipation Act (he was Irish born, though a Protestant) and presiding over the 1832 Reform Act. The next figure to appear, and the first female historical figure, was Florence Nightingale (1820-1910) in 1975. She enjoyed 19 years on the back of the £10 note and her image was accompanied by a scene from the hospital in Scutari (now part of modern Istanbul in Asian Turkey) where she first came to public attention for nursing soldiers wounded in the Crimean War. In 1856, after the war ended, she returned to Britain and went on to establish a number of training facilities for nurses.

In 1978 the last £1 note was introduced with Sir Isaac Newton (1643-1727) on the reverse. This small note, known as the ‘Luncheon Voucher’ was in circulation for only ten years and was the Bank of England’s last £1 note before it was withdrawn and replaced by a £1 coin. Newton qualifies to appear on a banknote for his most famous moment, when the apple fell on his head and he ‘discovered’ gravity. This story is however apocryphal but he did write of watching apples fall and wondering why they always fell straight to earth. In 1687 Newton published his single greatest work, the Philosophiae Naturalis Principia Mathematica ('Mathematical Principles of Natural Philosophy') which embodied his studies on gravity. He was by far the most eminent scientist of his day and felt by many to have been as influential on the development of physics as Albert Einstein himself. He found time amongst his scientific research and writing to become the Master of the Royal Mint, a position he took very seriously in his pursuit of counterfeiters.

In 1981 we see Sir Christopher Wren appear (1632-1723) on the back of the newly re-introduced £50 note. This was the first note of this denomination since 1944 and remains the highest Bank of England denomination (and is likely to stay as such, the Bank apparently deciding against issuing a £100 note on the grounds that it would give out a potentially inflationary signal and be used mainly in the cash economy). Wren appears along with an image of St Paul’s Cathedral, his most famous creation. Apart from being one of our most famous architects, Wren was also one of the founding members of the Royal Society and devoted much of his earlier years to the study of astronomy. In 1990 the Bank started a new series of notes, slightly reduced in size to previous issues. The theme of featuring a historical character on each note continued, however. The new series began with a new fiver portraying George Stephenson (1781-1848) on the reverse. He is seen with the Rocket, the famous steam locomotive he built and first ran on the Stockton and Darlington Railway in 1825.

It had a top speed of an impressive 36mph. Its success ushered in the railway age when thousands of miles of lines were built all over the UK, making a huge contribution to the success of the industrial revolution. A year later, in 1991, a new £20 note joined the tenner, this time the featured figure being Michael Faraday (1791-1867). Faraday was another scientist, his speciality being electromagnetism, a principle which paved the way for the development of electric motors. He devoted much time to lecturing and instituted the annual Christmas Lectures at the Royal Institution which continue to this day. An image of him delivering one of these lectures appears alongside his portrait. The £10 note was updated the following year, in 1992, and Charles Dickens (1812-1870) joins the illustrious list of historical figures. Dickens is still a hugely popular author as attested to by the numerous screen and TV adaptations of his novels. The note carries a scene from the cricket match described in the Pickwick Papers, one of his most successful novels.

In 1994 the £50 note was redesigned and a new figure appears on the reverse, Sir John Houblon (1632-1712), the Bank of England’s first Governor. Arguably the least well-known historical figure to appear on their banknotes, he is also one of the longest-lasting, still there after nearly 20 years. In 1999 it was decided to replace the £20 note once again, prompted perhaps by the increasing occurrence of attempts to forge the notes. The previous £20 note had lasted just ten years and this new one, featuring Sir Edward Elgar (1857-1934), lasted just eleven. Elgar is one of Britain’s most famous composers who wrote a number of popular works such as his Pomp and Circumstance marches including Land of Hope and Glory. He made his name in the pre-First World War period with his composition Enigma Variations. A year later in 2000 a new £10 note was issued, featuring Charles Darwin (1809-1882).

Darwin is rightly lauded for his hugely influential work The Origin of the Species, which revolutionised scientific thought and propelled Darwin into the forefront of top-ranking scientists. It was however a controversial book in its day and even today is challenged by some religious groups. Darwin’s beard is said to have influenced the choice of his portrait given the apparent difficulty it presented to the banknote engravers – and thus to potential forgers. This consideration does not appear to have worked against the bald and clean-shaven Churchill. In 2002 Elizabeth Fry (1780-1845) was selected to grace the reverse of a new £5 note. She was a prominent 19th century philanthropist and penal reformer, a Quaker born into the Gurney banking family who were one of several Quaker families whose banks were merged to create today’s Barclays Bank. Her husband was a member of the Fry family who founded the J S Fry chocolate and confectionary business. In 2007 yet another £20 note was issued, with the first Scot to appear on an English note, Adam Smith (1723-1790).

Smith is considered by many as the father of modern economics whose work The Wealth of Nations argued in favour of free trade and the division of labour – thus providing a theoretical basis for the modern industrial factory system. There is no sign of any of the Scottish banks wishing to reciprocate by putting an Englishman on one of their notes, and indeed the Clydesdale could rightfully accuse the Bank of England of pinching their idea – Adam Smith featured on their £50 notes from 1981 to 2009. The most recent note to be introduced was another first, in that two figures were selected to appear on the reverse of a new £50 note in 2011, Matthew Boulton (1718-1809) and James Watt (1736-1819). Their claim to fame was their collaboration in the development of steam engines which powered many of the factories of the Victorian industrial revolution. They also established a coin mint in Soho, near Birmingham which supplied the Royal Mint as well as many foreign governments.

While the Bank is not easily influenced in its decision-making about who appears on its banknotes it does keep a list on its website of all the suggestions for new names made by the public. They range from Geoffrey Chaucer to David Beckham but the latter is highly unlikely to appear if the Bank sticks to its stated criteria, that the individual must be universally recognised as having made an outstanding and lasting contribution in their chosen field – and, though not explicitly stated – be dead. The choice of Sir Winston Churchill (1874-1965) on the new fiver is proving not uncontroversial. A feminist campaign group is threatening legal action under the Equality Act, insisting that the Bank reconsider its decision and choose another female figure. The Bank is currently resisting this and is refusing to disclose how its decision was actually made, though they do say that the final decision always rests with the Governor and that a shortlist of four had been drawn up (of which only one was female). One suspects, however, that when Darwin is eventually replaced on the £10 note they may reveal a greater sensitivity to arguments about women’s rights. Jane Austen or Emmeline Pankhurst anyone?

SUMMARY OF HISTORICAL FIGURES ON BANK OF ENGLAND NOTES STOP PRESS Looks like it will be Jane Austen! On 25 June 2013 the outgoing Governor of PRESS the Bank of England Sir Mervyn King hinted strongly that Jane Austen could indeed replace Charles Darwin on the £10 note in 2017. She has been “quietly waiting in the wings” and is one of the figures the Bank has been working for over two years. A formal announcement might take place before the new Churchill notes appear, probably in 2016, though the final decision will rest with the incoming Governor, Mark Carney, the former Governor of the Bank of Canada. He would be a brave man to change it now! New £5 note replaces Elizabeth Fry with Sir Winston Churchill | Business | The Guardian New £5 note replaces Elizabeth Fry with Sir Winston Churchill Departing Bank of England governor chooses wartime leader to replace prison reformer on next fiver Winston Churchill will feature on the next £5 banknote.

Photograph: Bank of England New £5 note replaces Elizabeth Fry with Sir Winston Churchill Departing Bank of England governor chooses wartime leader to replace prison reformer on next fiver Friday 26 April 2013 08.41 EDT First published on Friday 26 April 2013 08.41 EDT Close This article is 3 years old Sir Winston Churchill will appear on the next Bank of England banknote, joining a select list of “eminent British personalities” including Florence Nightingale and William Shakespeare. The wartime leader’s face and famous “blood, toil, tears and sweat” quote on £5 notes will be a lasting legacy for departing Bank governor Sir Mervyn King , who made the final decision on Churchill. Announcing the choice at Churchill’s former home, Chartwell, King suggested £5 notes may even become known as “Winstons”. “It seems entirely appropriate to put Sir Winston on what is probably our most popular note,” he said. “Our banknotes acknowledge the life and work of great Britons. Sir Winston Churchill was a truly great British leader, orator and writer. Above that, he remains a hero of the entire free world.

His energy, courage, eloquence, wit and public service are an inspiration to us all.” Churchill’s portrait from a photograph taken in 1941 will probably appear on £5 notes from 2016 although plans have yet to be finalised, the Bank said. If it is indeed the £5 note he appears on, he will replace social reformer Elizabeth Fry and there will no longer be any female figures celebrated on the back of British banknotes. Churchill will be pictured alongside a view of Westminster with parliament’s clock showing 3 o’clock – the approximate time on 13 May 1940 when Churchill declared in a speech: “I have nothing to offer but blood, toil, tears and sweat.” The Bank has pictured British personalities on the back of its notes since 1970 and the previous 15 eminent figures chosen have included the composer Sir Edward Elgar, scientist Michael Faraday and writer Charles Dickens. Only two, Fry and Nightingale, have been women. Members of the public can put forward suggestions, although the Bank will only consider figures who have made an “indisputable contribution to their particular field of work”.

It considers the list of public suggestions when picking a new picture but the governor of the Bank has the final decision. The current suggestions list includes Princess Diana, the Beatles, poet William Blake and naturalist Sir David Attenborough. Lady Thatcher is not on the most recently available list of public suggestions. The new Churchill banknote will be the second time he has appeared on British money, having become the first commoner to be portrayed on a British coin – the 1965 crown or five shilling piece. King added: “Winston Churchill holds a special place in the affections of our nation. His wartime leadership inspired the British people, not least through the power of his oratory. That leadership served as an example to the free world and helped to ensure the survival of those freedoms, which we continue to enjoy today.” • This article was amended on 3 June 2016. An earlier version said that Winston Churchill will be the first statesman to feature on British banknotes. The Duke of Wellington appeared on £5 notes from 1971 to 1991.

JMW Turner, Jane Austen and Sir Winston Churchill are the new additions to the Bank of England’s banknotes Published: 25 Apr 2016 Editorial: Start playing party top trumps with promissory notes, and there will be no end Published: 26 Apr 2013 Houblon £50 note to be withdrawn | Business | The Guardian Bank of England Houblon £50 note to be withdrawn Bank of England advises people to spend bank notes bearing portrait of first governor of Bank of England by 30 April The Houblon 50 bank note which is to be withdrawn from circulation on 30 April. Photograph: Bank Of England/PA Press Association Thursday 16 January 2014 07.39 EST First published on Thursday 16 January 2014 07.39 EST Close This article is 2 years old Around 63m £50 banknotes bearing the portrait of the first governor of the Bank of England , Sir John Houblon are to be withdrawn from circulation in 15 weeks' time.

From April 30, only the £50 note which celebrates the 18th century business partnership of entrepreneur Matthew Boulton and engineer James Watt, who helped forge the Industrial Revolution, will hold legal tender status, the Bank of England said. Around 224m £50 notes worth £11.2bn are in circulation, of which the Bank estimates 63m with a total value of £3.2bn are Houblon notes. From May onwards retailers are unlikely to accept the Houblon notes as payment, but most banks and building societies will still allow customers to deposit them into their accounts. However, agreeing to exchange the notes after 30 April will be at the discretion of individual institutions. Barclays, NatWest, Royal Bank of Scotland (RBS), Ulster Bank and the Post Office have agreed to exchange the older-style £50 notes for both customers and non-customers up to the value of £200 until 30 October.

In a video placed on YouTube, Victoria Cleland, head of notes division at the Bank, advises people: "If you have any Houblon £50 notes, it's best to spend, deposit or exchange them before 30 April." If people do not pay in or exchange the Houblon £50 notes by the withdrawal deadline, this does not mean that the notes then become worthless. All notes that have been issued by the Bank whose legal tender status has been withdrawn are covered by its "promise to pay". This phrase dates back to times when notes could be swapped for gold. It means that people can, at any time, obtain the face value of a note that has been withdrawn by exchanging it at the Bank of England in London. There is no fee for the service and banknotes of this type can be exchanged by post or in person. Legally the Bank of England is only required to give one month's notice of an intention to withdraw legal tender status. It gave a similar three-month notice period to its latest announcement when a £20 note featuring composer Edward Elgar was withdrawn in 2010.

Sir John Houblon was appointed as the Bank's first governor in 1694 and the £50 banknote celebrating him was first issued in 1994, to coincide with the Bank's 300th anniversary. The withdrawal of the Houblon note is part of the Bank's regular review of notes to make them more secure and combat fraud. The Boulton and Watt note, which was brought into circulation in November 2011, was the first introduced by the Bank to feature a green "motion thread", which has five windows featuring the pound symbol and the number 50, which move up and down when the note is tilted from side to side. In December the Bank announced that it plans to issue plastic banknotes for the first time from 2016, when a new £5 note featuring Sir Winston Churchill appears. A £10 note featuring Jane Austen to follow around a year later will also be made from polymer rather than the cotton paper currently used.

From 30 April some £50 notes will no longer be legal tender Published: 28 Apr 2014 Introduction of polymer £5 note in 2016 and Jane Austen £10 note in 2017 will end 320 years of paper money Published: 18 Dec 2013 New polymer banknotes to be introduced, beginning with Sir Winston Churchill £5 note in 2016 Published: 17 Dec 2013 Bank of England decides to follow Canada, Australia and Hong Kong with banknotes that are cleaner and harder to counterfeit Published: 17 Dec 2013 ::: A Short History of English Banknotes ::: Where did banknotes come from? The earliest banking involved money-changing between coin and bullion and between different currencies, issuing bills of exchange (in the form of a letter asking one person to pay a sum of money to another on behalf of the person who wrote the letter) and accepting deposit of valuables or money which earned interest. English bankers found they had a steady level of money deposited with them and used this to provide loans on which they then charged interest.

About this time they allowed customers to transfer a credit amount to someone else by writing an order to the bank - the forerunner of the bank 'cheque'. It was the bill of exchange which led to the issue of banknotes. On 27th July 1694 William Paterson, a Scottish merchant originally from Tinwald in Dumfries, obtained a Royal Charter from the king, William III, to form the the Bank of England in order to raise funds for the government of the day and started to issue banknotes. These were handwritten and made out to an individual who could cash them at any branch of the issuing bank. The Bank of England Act was passed which established the Bank of England as the worldï¿½s first national bank. Its first Governor was Sir John Houblon and the first Chief Cashier, briefly, was John Kendrick, about whom little is known. In 1697 the first watermark was introduced. From 1725 the notes were partially printed with just the name to whom payable, date, amount and cashierï¿½s signature to be filled in by hand.

Businessmen set up banks in London and 'provincial' banks as a way of raising capital for investment from the late eighteenth century. However by 1770 London banks had given up issuing their own notes and used the Bank of England banknotes instead. The banknotes from 1725 were issued for amounts of ï¿½20, ï¿½25, ï¿½30 up to ï¿½100 in ï¿½10 stages, then ï¿½100 to ï¿½500 in ï¿½100 stages and lastly a ï¿½1000 note; in 1759 the first ï¿½10 and ï¿½15 notes appeared, in 1793 with economic difficulties due to the Napoleonic War a ï¿½5 note was introduced and in 1797 ï¿½2 and ï¿½1 notes. A total of 19 different notes! Worth noting that at this time ï¿½5 was more than the average working person earned in a year so rarely seen!

The appearance of the low denomination notes meant that gradually more of the general public had to come to terms with paper money but banknotes were easy to counterfeit as many of their new owners were illiterate and not used to handling notes. In 1833 Bank of England banknotes were made legal tender for all sums above ï¿½5 in England and Wales as a way of protecting the Bankï¿½s bullion reserves in times of crisis. However most of the notes over ï¿½10 had disappeared by 1852, the ï¿½300 by 1893 and the ï¿½200 in 1918. This left just the ï¿½10, ï¿½20, ï¿½50, ï¿½100, ï¿½500 and ï¿½1000 which were withdrawn in 1943. The ï¿½10 reappeared in 1964, the ï¿½20 in 1970 and the ï¿½50 in 1981.

The big change came in 1855 when banknotes were fully printed including the chief cashierï¿½s signature and had the words I promise to pay the bearer on demand the sum of .... People could use a banknote instead of coins and the system worked as long as people had confidence that the bank had the coin to redeem the note. In 1884 the Government decided to regulate the issue of banknotes by the Bank Charter Act and from then on the private provincial banks gradually merged until by 1921 the last provincial note had been issued. In 1914, the first issue Treasury notes, red 10 shillings and black ï¿½1, were signed by Sir John Bradbury and afterwards Sir Norman Fenwick Warren Fisher. A Tale of Two Women Up to 1928 banknotes were ï¿½whiteï¿½ notes printed in black on white paper and unprinted on the back. However on 22nd November the Bank of England took over the issue of banknotes from the Treasury and produced full colour 10/- and ï¿½1 notes printed on both sides.

This first series is called Britannia Series A as they featured a rather demure seated Britannia with curiously a spear and an olive branch possibly offering a choice of peace or war. The bee skep beside her may symbolise the bank as a store of the nation's riches or the industry of the bank in looking after the nationï¿½s money. The idea of dressing Britannia as a noble Saxon lady came from Daniel Maclise, RA, in 1855 who used his daughter as the model. The ornamental clasp on her cape indicates a rank of nobility. They were issued up to the early 1960's by four Chief Cashiers, Basil Catterns (19th Chief Cashier) 29-34, Kenneth Peppiatt 34-49, Percival Beale 49-55 and Leslie Oï¿½Brien 55-62. During the period from 1926 on the Bank of England set up 14 branches around the country which issued banknotes.

However most ended by 1938, only Swansea continued until 1959 and Leicester issued notes from 1944 to 1972. During the Second World War Germany produced some excellent forgeries so in 1940 the color of the Peppiatt 10/- note was altered to mauve and the ï¿½1 to blue. The regular colours returned after the war. In February 1957 the white ï¿½5 was finally replaced by a curious single note series known as Helmeted Britannia Series B. These were only issued under L.K.Oï¿½Brien and feature this lovely portrait. The artist Richard Horsman Solly created the first helmeted Britannia in 1818 as a proposal for a new series of ï¿½inimitableï¿½ one pound notes. The image was never used but artist Stephen Gooden recalled it almost exactly for the Britannia used on this blue five-pound note. On the reverse is a superb lion carrying a key.

This note only lasted until 1964 when the Queen had given her permission to include her portrait on banknotes and the Portrait Series C appeared with a portrait designed by Robert Austin, Professor of Engraving at the Royal College of Art. The 10/- note was issued from 1963, the ï¿½1 from 1960, the ï¿½5 from 1963 and the ï¿½10 from 1964 by four Chief Cashiers, Leslie Oï¿½Brien, Jasper Hollom 62-66, John Fforde 66-70 and John Page 70-80. On the Jasper Hollom ï¿½5 and ï¿½10 notes, the Queen has turned to look at us and a rather sad Britannia on the reverse of the ï¿½5 has found a shield and a pile of boulders. On the reverse of the ï¿½10, a rather odd lion holds the key.

Ten years later the next series began to appear - the Pictorial Series D with a gentler portrait of the Queen and full-length pictures of English notables on the reverse. The John Fforde 10 shilling note had been replaced by the 50p coin in 1968 and so the smallest denomination from then on was the ï¿½1 note. The notes featured: ï¿½1 - Sir Isaac Newton ï¿½5 - Duke of Wellington ï¿½10 - Florence Nightingale ï¿½20 - William Shakespeare ï¿½50 - Sir Christopher Wren The ï¿½1 note was issued from 1978, the ï¿½5 from 1971, the ï¿½10 from 1975, the ï¿½20 from 1970 and the ï¿½50 from 1981. The Chief Cashiers who issued them were John Fforde, John Page, David Somerset 80-88, Malcolm Gill 88-91 and Graham Kentfield 91-98.

With devaluation over the years, the ï¿½1 note was replaced by a coin in 1983 and the last ï¿½1 note was issued by David Somerset in 1985. It went out of circulation in 1988. The next major series came in 1990 with Historical Series E. A more mature Queen's portrait by artist Harry Eccleston and portraits of famous people and appropriate scenes on the reverse. Incidentally this series was the first to include a copyright notice although it always was, and is, a criminal offence to forge banknotes so what its purpose is remains obscure. The notes featured: ï¿½5 - George Stephenson and the Rocket locomotive ï¿½10 - Charles Dickens and The Pickwick Papers ï¿½20 - Michael Faraday and the Christmas Lectures ï¿½50 - Sir John Houblon and his house in Threadneedle Street.

The green ï¿½5 note was issued from June 1990, the ï¿½10 from April 1992, the ï¿½20 from June 1991 (all revised in 1993 to aid the partially sighted) and the ï¿½50 from April 1994. The three Chief Cashiers who issued this series were Malcolm Gill, Graham Kentfield and Merlyn Lowther 99-03, who was the first female Chief Cashier. Finally New (Revised) Series E ï¿½5 - Elizabeth Fry, showing a scene with her reading to prisoners in Newgate Prison ï¿½10 - Charles Darwin, a hummingbird and the HMS Beagle ï¿½20 - Sir Edward Elgar with a view of the west face of Worcester Cathedral. The ï¿½5 was issued from May 2002, the ï¿½10 from November 2000 and the ï¿½20 from June 1999. This replacement series was issued by Merlyn Lowther.

In March 2007 the first note from the New Series F entered circulation. ï¿½20 - Adam Smith, with an illustration of ï¿½The division of labour in pin manufacturingï¿½, replaced the Series E Elgar note. It was issued by Andrew Bailey, the 30th Chief Cashier of the Bank of England. Sadly Britannia is now relegated to a very minor role and, only 7mm tall she is tucked away in a corner with her rocks, branch, spear and shield. Paper and Printing The paper used has always been chosen so as to give a distinct look and feel. It is 80 to 90 gsm paper manufactured from cotton fibre sometimes mixed with linen and is impregnated with polyvinyl alcohol or gelatin to give it extra strength. One of the first papermakers was the firm started by a Huguenot, Henri de Portal, in 1712 at Bere Mill and in 1718 at Laverstoke Mill both on the river Test near Overton in Hampshire and carried on by his son Joseph Portal who bought Laverstoke Manor. They produced paper for Bank of England notes from 1724.

They also invented the metallic thread incorporated into the paper which started off within the paper and latterly is allowed to come to the surface as a dotted line called 'windowed thread'. Printing is a combination of three processes ï¿½ Offset Lithography for the background tints and fine lines; Intaglio Printing gives the stronger coloured fine detail with slightly raised print and also never completely dries which is a useful security test; Letterpress is used for serial numbers. Some printing changes have been marked on the reverse of the banknotes. In 1973 the Somerset ï¿½1 note was printed on a new web press and a little W appears; the ï¿½5 was also moved to a web press with offset lithography on the reverse, marked L; the 1984 ï¿½10 note on a web press was also marked W on the reverse. The latest security features to make life difficult for forgers include: holograms, fluorescent features, varnish coating, foil impression, windowed metallic thread and extremely fine print. POSTSCRIPT: Numismatics is the study of money, particularly coins, and a numismatist is a collector.

However Notaphily is the study of paper money or banknotes and a notaphilist is a collector of such (according to Wikipedia). More about English coins . Sources:

Question: Who was the first composer to appear on English banknotes
Answer: Sir Edward Elgar